Tue, 27 Apr 2010 | BUSINESS NEWS
Vue Entertainment, the cinema chain, is conducting a strategic review, as a result of news that 29 per cent shareholder, Lloyds Banking Group, is selling its stake.
The company is thought to be worth up to £440 million and operates 600 cinema screens around the UK, including a new multiplex at London’s Westfield Centre.
Chief executive Tim Richards and Deputy chief, Alan McNair said they would be open to a sale of the firm. The two men own a total of 51 per cent of the business.
Other options, aside from the sale, are said to include a possible refinancing deal or acquisitions – suggesting that a sale is far from the only option being looked at.
Tim Richards added that he had no intention of leaving his role in the business, adding, "We have been in the industry for 20 years and we love what we do. We are planning on not going anywhere." He continued, "The next two to four years are going to see huge growth on the back of digital and 3D."
Lloyds is said to be in talks with a joint venture led by Coller Capital over the sale of its stake in Vue.
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